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    modular01's Avatar
    modular01 Posts: 129, Reputation: 36
    Junior Member
    		  
    #1

    Jul 16, 2007, 12:46 PM
    Laws on vehicle repossession in Illinois.
    My cousin had her car repossessed April 18th of 2007 (she is going through a divorce and is having financial problems of a result. The bank still hasn't sent a notice through the mail as to when the car will be resold (which from what I understand the bank legally has to do that, along with the time and place of the sale). Is there a statute of limitations as to how long the bank can keep the car without selling it? Her fear is that the longer the bank waits, the less the car will be worth (with next years models coming out). She can't afford a lawyer to fight this in court (if she could afford a lawyer she would ask to pay the deficiency on the loan and get the car back). What options does she have?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Jul 16, 2007, 02:24 PM
    Hello mod:

    None, really. The car belongs to the bank. They'll sell it or not. They don't have to tell your cousin anything. They have a few years within which to sue her. I'll bet they will.

    If she has CASH to make up the payments, she could sure try to save the deal. Why doesn't she call 'em up?

    excon
    modular01's Avatar
    modular01 Posts: 129, Reputation: 36
    Junior Member
    		  
    #3

    Jul 16, 2007, 02:45 PM
    Quote Originally Posted by excon
    Hello mod:

    None, really. The car belongs to the bank. They'll sell it or not. They don't have to tell your cousin anything. They have a few years within which to sue her. I'll bet they will.

    If she has CASH to make up the payments, she could sure try to save the deal. Why doesn't she call 'em up?

    excon
    She has already tried that. They want more than she can give, and they aren't willing to compromise.

    I've been trying to do some research for her on the laws concerning this (online as always, lol).

    One of the law sites I visited said that the car has to be sold within certain guidelines, and that it has to leave the banks hands within three months (for Illinois at least).

    She owed 3 years left on the car, and she had been paying for 2 years on it.

    Thanks for your input on this. Much appreciated.
    exrepo's Avatar
    exrepo Posts: 1, Reputation: 1
    New Member
    		  
    #4

    Aug 20, 2009, 05:01 PM
    Its really up to the bank to decide what happens to the car once it has been recovered, ask her to try and talk to a bank manager and see if they will help with accepting payments for like 6 months, on a reg. schedule and see what happens with that
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